question_answer 18)

What are the benefits and risks of becoming an entrepreneur? How can you guard against the risks? (Teachers should highlight the qualities of entrepreneurs and motivate students to do so. Help that is available from the government of India is listed on the website www.india.gov.in.)

Answer:

Benefits of an entrepreneur (i) They are the owner of the business. (ii) No worries of job, compensation and reward. (iii) They earn profit. (iv) They have full authority to take decisions. Risks of an Entrepreneur (i) Market risk (ii) Financial risk (iii) Risk in product planning (iv) Risk of innovative technologies In order to secure from the risk, an entrepreneur should analyze the market well, study about the innovative technologies, prepare the business plan so that financial institutions granted the fund, adopt the best ideas for product planning.